§ 5-1.4-4-4 — Authorization; issuance in series; requirements; consent of city or state agency

Indiana § 5-1.4-4-4

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.4: LOCAL PUBLIC IMPROVEMENT BOND BANKS
• Ch. 4: Issuance of Obligations

Text

(a) Bonds or notes of the bank must be
authorized by resolution of the board, may be issued in one (1) or more
series, and must:
(1) bear the date;
(2) mature at the time or times;
(3) bear interest at the rate or rates of interest or within a
maximum rate or specify the method by which the interest rate or
rates may be determined;
(4) be in the denomination;
(5) be in the form;
(6) carry the conversion or registration privileges;
(7) have the rank or priority;
(8) be executed in the manner;
(9) be payable from the sources in the medium of payment at the
place inside or outside the state; and
(10) be subject to the terms of redemption;
as the resolution of the board or the trust agreement securing the bonds
or notes provides.
(b) Bonds or notes may be issued under this article without
obtaining the consent of any agency of the state or city and without any
other proceeding or condition other than the proceedings or conditions
specified in this article.

Legislative History

As added by P.L.42-1985, SEC.1.